(Solved) A firm produces a product with labor and capital. Its production

July 21, 2017UncategorizedBy classhelp24@gmail.com [email if you need fresh paper done]

A firm produces a product with labor and capital. Its production function is described by Q = L + K. The marginal products associated with this production function are MP_L= 1 and MP_K= 1. Let w = 1 and r = 1 be the prices of labor and capital, respectively.

a) Find the equation for the firm?s long-run total cost curve as a function of quantity Q when the prices labor and capital are w = 1 and r = 1.

b) Find the solution to the firm?s short-run cost minimization problem when capital is fixed at a quantity of 5 units (i.e., K = 5), and w = 1 and r = 1. Derive the equation for the firm?s short-run total cost curve as a function of quantity Q and graph it together with the long-run total cost curve.

c) How do the graphs of the short-run and long-run total cost curves change when w = 1 and r = 2?

d) How do the graphs of the short-run and long-run total cost curves change when w = 2 and r = 1?

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